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Financial News: Eurozone Manufacturing Expands Most Since 2011

Eurozone Manufacturing Expands Most Since 2011

09/01/2017 - 04:33:00 (RTTNews)

(RTTNews) - The euro area manufacturing activity expanded at the fastest pace since 2011, as initially estimated, final survey data from IHS Markit showed Friday.

The manufacturing Purchasing Managers' Index rose to 57.4 in August, in line with flash estimate, from 56.6 in July and equaling June's 74-month high.

The PMI remained above the 50.0 no-change mark for 50 successive months.

"The eurozone's impressive manufacturing upturn regained momentum in August, with a summer surge in factory activity suggesting rising goods production will support another strong GDP reading in the third quarter," Chris Williamson, chief business economist at IHS Markit, said.

The expansion was led by a strong core of Germany, the Netherlands and Austria. Italy, Ireland and France were mid-ranked in the PMI growth table. Only Spain saw its rate of improvement slow during August.

The headline IHS Markit/BME Germany factory PMI rose to 59.3 in August from July's five-month low of 58.1. This was the third-highest level since April 2011. The flash score for August was 59.4.

France's manufacturing PMI climbed to 55.8 in August from 54.9 a month ago. This was the highest since April 2011. The flash reading was 55.8.

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